Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $69.24 Consensus Price Target from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given a consensus rating of “Hold” by the twenty-three brokerages that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, fourteen have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $69.5714.

RNA has been the subject of several analyst reports. Bank of America raised their price objective on shares of Avidity Biosciences from $56.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Leerink Partners reaffirmed a “market perform” rating and issued a $72.00 price objective (up previously from $65.00) on shares of Avidity Biosciences in a research note on Monday, October 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, October 8th. Roth Capital cut Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 target price on the stock. in a research note on Monday, October 27th. Finally, Chardan Capital reaffirmed a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, November 11th.

Avidity Biosciences Stock Up 0.3%

Shares of NASDAQ:RNA opened at $72.34 on Thursday. The stock’s 50 day moving average is $66.47 and its 200-day moving average is $48.63. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $72.61. The firm has a market capitalization of $10.90 billion, a price-to-earnings ratio of -17.31 and a beta of 0.90.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The company had revenue of $12.48 million for the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences’s quarterly revenue was up 420.8% on a year-over-year basis. Equities research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other news, insider Teresa Mccarthy sold 20,000 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $50.15, for a total transaction of $1,003,000.00. Following the transaction, the insider directly owned 97,130 shares of the company’s stock, valued at $4,871,069.50. This represents a 17.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven George Hughes sold 2,209 shares of the company’s stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $47.54, for a total transaction of $105,015.86. Following the sale, the insider directly owned 38,867 shares of the company’s stock, valued at $1,847,737.18. The trade was a 5.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 30,979 shares of company stock worth $1,495,400. Corporate insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RNA. AlphaQuest LLC grew its holdings in shares of Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares in the last quarter. CWM LLC boosted its stake in shares of Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares during the period. Westside Investment Management Inc. bought a new position in shares of Avidity Biosciences in the second quarter worth about $29,000. Allworth Financial LP increased its stake in Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after buying an additional 159 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 1,099 shares in the last quarter.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.